Parking lot at Western District property sold for HK$5.18 mln

A car parking space at a new residential project in Western District was sold for a record HK$5.18 million, the Hong Kong Economic Journal reports.

The hefty price tag for the parking lot at The Upton, which measures 3.5 meters by 5 meters or 188 square feet, translates into HK$27,600 per square foot, making it more expensive that some of the new residential units in the market.

For example, an entry-level flat at Tak Bo Garden in Kowloon Bay, with a net usable area of 253 square feet, was sold for HK$4.1 million recently.

A bigger flat at Kingswood Villa in Tin Shui Wai, with a net usable area of 551 square feet, recently fetched HK$5.1 million, or HK$80,000 cheaper that the parking lot at The Upton.

The parking space is on the first floor of The Upton, a luxury housing project developed by Emperor International Holdings Ltd. (00163.HK).

Its price surpasses the previous high of HK$4.8 million paid for a parking lot at 55 Conduit Road in Mid-Levels eight months ago.

Sources said the parking space at The Upton was bought by Kwan Wai-ming, said to be the executive director of Huarong Investment Stock Corp. Ltd. (02277.HK).

Kwan had earlier snapped up a unit on the 11th floor and another on the 36th floor of The Upton, as well as two parking lots.

All in all, Kwan is estimated to have forked out HK$88.55 million for the properties in The Upton.

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